Get covered at unbelievably low premiums for high sums. It can't get any better.

Exide Life Insurance

Exide Life Insurance Company is one of the most reputed insurance companies in India. Having more than 15 lakh customers across the country, Exide Life Insurance’s customer base is consistently growing.

Awarded as “India Leadership Award” for Marketing and Social media initiative

For every stage of a customer’s life, the company provides solutions that will help him/her to live a great life till the Golden years along with building the solid financial foundation for the customer’s family. The company steps beyond life insurance and provides need based life insurance solutions.

Benefits of buying Exide Life Insurance

  • Social Media Presence: Twitter Self Service has been created for the customers with the Tweet tag as @ExideLifeCares to utilise the predefined services for their life insurance policies. One can Tweet with “Hi” or “Hello”@ExideLifeCares with their “DOB” and “Exide Life Insurance Policy Number” and the customer can interact with the automated service.

  • Online Services: The various automated services offered currently are online renewal premium payment, download payment receipt, instantly update the contact details, to check policy status on the go, policy due date reminder, querying for policy premium and survival benefits.

  • Easy Claim Settlement: Claim has to be intimated as soon as it occurs. Claim form can be downloaded from the Exide Life insurance website or the customer can walk into the nearest branch office to obtain a claim form. Fill in all the details and submit the claim form to the branch office or he/she can mail them to the headoffice for easy processing of your claim.

  • Online Payment: Moving from traditional policy processing to digital platforms, the Premium Payments can be done online for the ease of the customer. The customer can renew his/her policy through paying premium online using credit or debit cards, net banking and also through e- wallets in an easy way.

  • Mobile App: With the help of the company’s Mobile Application, all the required transactions that need to be carried out by the customer can be performed through this app. Starting from exploring the different plans available in the company, ranging till paying the premium online as well as tracking the fund status are .

Types of Exide Life Insurance Plans

Exide Life Smart Term Plan

A one of a kind Term plan which returns the premiums paid by the policyholder at the end of the policy tenure.

  • Smart Term Plan: There are 3 plan options namely Classic, Step-up and Comprehensive.
    • Classic – A plan that will give protection to the customer as well as the return of premium. In the event of death or at maturity period, the customer will be paid with 100% of the premium with only underwriting charges deducted (only if any such charges are applicable)
    • Step up – Here the customer will get protected along with higher return of the premium that he/she paid. Step up plan will differ from Classic plan in the aspect of return of premium as this will range from 110% to 150%
    • Comprehensive – This plan offers an enhanced protection with return of premium. Along with all the listed benefits under the Classic plan, additionally the customer can increase his death cover as a part of this plan.
  • Sum Assured: Minimum sum assured starts from Rs. 5 Lakhs to 10 Lakhs
  • Maturity Benefit: 100% of the life cover will be paid to the policyholder.
  • Premium Payment: Premium can be paid Monthly, Half –yearly and annual
  • Policy Period: The policy period range starts from 10-30 years for all the plans and in regular pay 12-30 years range.
  • Age Limit: The age limit starts from 18- 60 years approximately.
  • Tax Benefit: Under this Smart term plan the customer can save tax on 80C for the premium amount paid. Life insurance cover and premium refund under section 10D, critical illness Rider under section 80D.
  • Guaranteed Surrender Value (GSV): Unless it is a single term premium policy, for all the other policies, at least three years premium should have been paid to reach the eligibility of obtaining a surrender value. Upon the settlement of surrender value, the policy will get terminated automatically.
  • Free Look Period: In case of non-agreed terms and conditions of the policy customer can cancel the policy by writing a letter to the company stating the disagreement of the policy terms and condition. Customer can return the original policy document to the company within 15 days of the receipt of the policy copy. In case of cancellation the premium amount will be refunded after deducting medical examination fee (if any), stamp duty charge and proportional charges towards the insurance risk.
  • Tax Benefit: Under this Smart term plan the customer can save tax on 80C for the premium amount paid. Life insurance cover and premium refund under section 10D, critical illness Rider under section 80D.
  • Discounts on High Sum Assured: The customer can get lower premium rates when he/she chooses higher sum assured.
  • Premium Discount for Female Member: There are special discounts for Female live if they are included as a member in the policy.
  • Grace Period: 30 days is the allowed grace period if the payment frequency is annual or Semi annual. If it is monthly pay, then the allowed grace period is 15 days.

Riders Available Exclusively for Exide Life Smart Term Plan

  • Exide Life Accidental Death, Disability and Dismemberment Rider: Protect the customer in case of accidental disability and dismemberment.

  • Exide Life Critical Illness Rider: Protects the customer from 25 critical illnesses like Cancer, Heart attack, Paralysis etc. Out of the 25 critical illnesses listed in this rider, the customer can choose the options of his choice for this rider.

Other Available Riders for Traditional Life Insurance Plans

Exide Life Term Rider

This Rider is an add on product which can be attached to Exide Life Insurance Traditional plans with an enhanced life coverage at an affordable additional premium. Existing Policy holder can opt this cover at the time of renewal and new customers can purchase it as a traditional policy when he or she wants to enhance their life protection.

  • Benefit of this Plan: The plan gives you a double life cover with a nominal additional premium. Death due to natural, accidental any other peril covered under this plan. In case of an event happens the amount will be paid in addition to the base plan life cover amount.
  • Tax Benefit: Tax exemption will come under section 80C and 10(10D).
  • Sum Assured: The sum assured starts with minimum of Rs.50000/- to maximum lower of Rs.50, 00,000/- or sum assured of the base policy.
  • Premium Payment: The premium payment for the rider must be in a regular payment mode as specified in the base policy. The policy holder can makes a choice of paying monthly premium payment mode. In such case 3 months premium amount will be collected in advance on the date of commencement of the policy and adjusted towards only on the policy due dates. This amount is non-refundable except in free-look cancellation of the policy.
  • Grace Period: The grace period is the same as the base policy. If premium is not paid within the grace period rider coverage terminates automatically.
  • Bonuses: For an example a customer is paying Rs.2672/- per month in Exide life secured Income Insurance Plan for 20 years for a sum assured of Rs.5 Lakh and by paying extra Rs.135/- per month for rider cover and he get an additional life cover of Rs.5 Lakh and he get a double protection. In case of demise Term rider 5 Lakh plus Secured Income Insurance 5 lakh plus accumulated bonus will be paid to the family.
  • Maturity: This plan has designed in a way it offers pure protection for life cover and doesn’t offer any maturity or surrender.
  • Age Limit: The age limit around 18 years to maximum of 30 years. Rider protection age limit is 70 years.
  • Premium Payment: Regular Premium pay
  • Rider Term Limit: Regular premium payment is 5-40 years.

Exclusions of Exide Life Insurance Policy

A policyholder will not be capable to file a claim in the following circumstances:

  • Claims may not be taken or admitted if the life insured under the policy, whether medically sane or insane, commits suicide.
  • Policy can be void if any misrepresentation, fraud and forfeiture are committed by the policyholder.

Claim Process of Exide Life Insurance Plan

In the event of a claim, it has to be registered as soon as the loss occurs. For claim intimation a customer can walk into the nearest Exide Life Insurance branch for processing the claim or he can register it online by downloading the claim form. Another easy way is that he can write a mail to claims@exidelife.in.

Once the customer has filled the claim form completely and attach all required documents, he/she can submit the documents to their nearest branch office or mail them to Customer Services, 1st Floor, Exide Life Insurance Company Limited, JP Techno Park No 3/1, Millers Road, Bangalore – 560 001.

After the registration, an acknowledgement letter will be given to the customer. From there on, the customer can use his/her policy number for any queries and interaction with Exide Life until the claim is settled.

Review of Exide Life Insurance policy

Exide Life Insurance has been selected as one of the Top 10 Most trusted company by Economic Times – Brand Equity at 2014-2015. Exide Life Insurance has a claim settlement ratio of 89.36% for the financial year 2015-2016.

Grievance Resolved ratio for 2015-2016 is 99.59. 5 out of 4 happy customers are appreciating the flexibility they enjoy through tracking their fund value through Exide Life Insurance Website. Almost all the customers are highlighting the flexibility provided by Exide Life in terms of coverage and also on the various premium payment frequency options.

The only life insurance company in India with a strong business coverage across India packaged with 35000 + Insurance advisors, Regional Cooperative Banks, Corporate Agents, Brokers and Referral Partners

FAQs on Exide Life Insurance Plan

Can I change the nominee in the middle of my insurance policy tenure?

Yes. You can change or add nominee in middle of your insurance policy by completing the Nominee addition/change form. Fill in the required details and submit it to your nearest branch office. Nomination can be cancelled or changed at any time before your policy mature.

What is a critical illness rider in Exide Life?

Exide Life Critical Illness Rider is one of the add on benefit that customers can add to their new policy or existing traditional policy. It protects the policy holder when he gets diagnosed with major illnesses like Heart attack, Paralysis, Coma, Kidney failure etc. This rider helps the family from the burden of high medical expenses. There are two options available under this rider namely Option A and Option B. The policy holder can select either option A or option B. Option A will cover any four illnesses whereas option B includes 25 critical illnesses. For more information the product brochure can be downloaded from Exide Life Insurance website.

What is the procedure for getting a duplicate policy?

If the life insured loses/misplaces/destroy the original policy bond, then there is no tedious lengthy process to get the duplicate policy. The customer can immediately contact the company and the company will issue duplicate policy copy by charging Rs.250/-.

Is there any penalty for me if I do not pay the premium for one year?

If it is a regular premium payment policy, the customer has to clear all the arrears within the grace period. The customer’s policy will get automatically lapsed if he/she has not made the premiums on grace period.

Even after the policy got lapsed, the customer can revive his/her policy by clearing all the arrears along with the interest rate for that particular one year time period. However it is company discretion to decide whether to revive the customer’s lapsed policy or not.

What is the maximum sum assured in Exide Life and what are the documents needed if am taking a policy for more than a crore?

Sum assured range starts with minimum Rs. 25 Lakh to Maximum of Rs. 25 crore.

  • ID proof: Any legal document issued by central or state government like Voter’s ID, Passport, Aadhar card, Driving license can be considered as valid documents for ID Proof
  • Address Proof: Aadhar card, Passport can be used as address proof.
  • Income proof: Records for income may be salary slip, bank account statement, bank pass book.
  • Age proof: Any legal document that can confirm your age like Passport, Driving License, Birth certificate.
  • PAN Number: This is the most important document for tax related. PAN number.

What are the children’s plan products available in Exide Life?

In Exide Life Insurance there are three plans available for children.

  • Exide Life Wealth Maxima- Maxima Child – It is a ULIP policy for better protection of your loved one.
  • Exide Life Mera Ashirvad – This policy provides benefit on maturity as well as death. In eventuality scheduled payouts are offered to aid in the child’s future planning. It is a tax free.
  • Exide Life New Creating Life Insurance Plans: This is a regular pay child insurance plan with tax free benefits for the insured when getting returns. Exide life offers discounts on higher premium and also there is a waiver offer on premium along with enhanced protection through rider benefits.
Leave a rating!
1.0 (0 votes)